Fiat Chrysler'US 3Q profit falls 89 percent on recall costs

DETROIT (AP) — Net income at Fiat Chrysler's U.S. operations fell 89 percent in the third quarter as the company set aside millions to pay for future safety recalls.

In July, FCA US reached agreement with the U.S. National Highway Traffic Safety Administration to buy back from customers more than 500,000 Ram pickup trucks and other vehicles in the biggest such action in U.S. history.

The company reports results separately from its parent, Fiat Chrysler Automobiles NV, which said last week that the recall costs pushed it to a net loss of 306 million euros ($339 million).

The mass-market carmaker, which is spinning off its sports car unit Ferrari, said the quarterly loss compared with a net profit of 174 million euros for the same period last year.